Monthly Wrap July

Volatility returned in July, a month that saw several daily declines of 3-4% that coincided with COVID-related events but that may have been exacerbated by margin leverage, which was at a record high as of June 30. Net-net, the VNI fell by 7% in July, outperforming Hong Kong and the Philippines but underperforming the rest of the region. The VNI appears to have been supported at its 100-day moving average, but declining turnover suggests that investor confidence is low.

File: Yuanta Vietnam Monthly Market Round-Up — July 2021